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UPDATE 1-Moncler's CEO to reduce stake as two new investors arrive

MILAN, July 28 (Reuters) - Moncler's Chief
Executive Remo Ruffini, who engineered the renaissance of the
Italian skiwear brand, is set to reduce his stake in the company
to make way for two new institutional investors.

UPDATE 7-Oil steadies just above 3-month lows on oversupply

* Falling China rail freight points to weak economy

(Updates prices in paragraph 2)

UPDATE 2-Profits at Finnish refiner Neste send shares to record high

HELSINKI, July 28 (Reuters) - State-controlled Finnish
refiner Neste more than tripled its second-quarter
profit due to strong margins at its conventional oil products
and renewables business, lifting its shares to record highs.

Calif. power grid extends call for conservation during heat wave

July 28 (Reuters) - California's power grid operator
extended its call for consumers to conserve electricity into
Thursday as a heat wave continued to bake the state, especially
the inland cities.

UPDATE 1-TransCanada profit beats; says asset sale plan on track

July 28 (Reuters) - TransCanada Corp, Canada's
second-largest pipeline company, reported a slightly
higher-than-expected quarterly profit, and said the process of
seeking buyers for a sale of some assets in the United States
and Mexico was underway.

Islamic State's oil revenue dives as it loses Iraqi territory

* Oil has provided millions of dollars for militant
operations

BP sticks with major arts sponsorship despite profits slump

LONDON, July 28 (Reuters) - BP has agreed to renew
five-year sponsorship deals with several British cultural
institutions, including the British Museum, just days after
reporting a 45 percent drop in profits.

UPDATE 1-ConocoPhillips cuts 2016 budget again amid oil slump

July 28 (Reuters) - U.S. oil producer ConocoPhillips
reported a bigger-than-expected quarterly loss and cut its 2016
budget for the third time this year amid a crude oil slump that
has lasted for two years.

UPDATE 1-Baker Hughes posts bigger-than-expected loss due to weak drilling activity

July 28 (Reuters) - Baker Hughes Inc reported a
bigger-than-expected quarterly loss, hurt by lower drilling
activity and pricing, and the oilfield services provider said it
did not expect North America activity to increase substantially
this year.

TransCanada profit falls on costs tied to Columbia Pipeline deal

July 28 (Reuters) - TransCanada Corp, Canada's
second-largest pipeline company, reported a 14.9 percent decline
in quarterly profit due to costs related to its acquisition of
Columbia Pipeline Group.

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